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Updated over 7 years ago on . Most recent reply

User Stats

54
Posts
6
Votes
Chris Silvas
  • CPA
  • Houston , TX
6
Votes |
54
Posts

Sub2 a house that's in bankruptcy?

Chris Silvas
  • CPA
  • Houston , TX
Posted

Came across a pretty sweet situation for a sub2. But he's in Ch.13 bankruptcy and so is the house. His attorney says he can sell at any time (not sure what would happen to any proceeds he would receive). Can I essentially have the property deeded to me like a regular sub2 deal, or does the bankruptcy break this deal? P.S. I completely understand I need to speak with a RE attorney and that nobody on here is "giving legal advice". I just want general thoughts or possibly anyone who has had experience with this situation. 

Scenario:

- Owner doesn't want anything but to be relieved of the pmt

- Equity about 17% 

- Payment $1500

- Potential Rent $1750

- ARV $190K

- Repairs $3.5k

- Arrearages $10k

- Loan Balance $145k

Thanks in advance BP community. 

Most Popular Reply

User Stats

54
Posts
6
Votes
Chris Silvas
  • CPA
  • Houston , TX
6
Votes |
54
Posts
Chris Silvas
  • CPA
  • Houston , TX
Replied

Several of those questions I would have to figure out. He is married, have not done title search. Yes, I do have the $13k, no shady stuff lol

Thanks for the reply @Steve Vaughan

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